ModelOp, formerly Open Data Group (ODG), has relaunched with a focus on AI-based model operations in large enterprises. The idea is to integrate data science and machine learning with enterprise applications that use the models’ predictions to automate and improve decisions like credit scoring, fraud detection, bond trading, customer retention, manufacturing operations, supply chain optimization, ecommerce sales, ad conversions, etc.
The company was founded 2016 by Pete Foley and Stu Bailey, who previously worked together at Infoblox, where they pioneered a new category of IT infrastructure, leading to a successful IPO in 2011 and an acquisition of the company by Vista Equity for $1.6B in 2016. Prior to co-founding Infoblox, Bailey as the technical lead at the National Center for Data Mining, worked closely with the pioneers of data science. Foley previously served as CEO at Port Authority (acquired by Websense) and Ring Cube (acquired by Citrix), and as chairman of Graphite Systems (acquired by EMC).
The company describes DS/ML models as a new kind of software because they are probabilistic and must be “trained” using large quantities of data. Over time, DS/ML models decay, producing degraded results unless they’re re-trained or re-written. The practice of Model Operations must address the release, activation, monitoring, performance tracking, management, reuse, maintenance and governance of the AI and ML models.
“We got ahead of the market when we started this venture, convinced that the unique characteristics of data science and machine learning (DS/ML) models would require new organizational and technical approaches in order to realize their value, especially within large enterprises” said Pete Foley, CEO of ModelOp. Foley continued, “Our expanding customer base, and the level of activity we are seeing in the industry overall strongly validates our vision and makes us extremely excited for this next phase of growth.” ModelOp’s customers include five of the top 10 largest financial institutions, as well as Fortune 500 manufacturers, insurers, and credit bureaus.
ModelOp has offices in Chicago, IL and San Jose, CA.
